NC forest carbon credit projects listed for California market
An additional five forest carbon credit projects have been listed on the California Air Resources Board website.
The forest carbon credit projects are transferring from the Climate Action Reserve protocol to supply the California carbon market with Early Action Offset Credits.
Each forest carbon credit project is based in NC and was implemented using the CAR Avoided Conversion Forest Protocol.
Avoided Conversion forest carbon credit projects allow landowners to preserve their property while generating revenue through the sale of carbon offset credits.
Landowners have the option to maintain wildlife habitat and the natural beauty of their land instead of relying on heavy timbering to cover maintenance costs.
Regulated businesses facing new emission regulations in California will be able to purchase carbon credits to offset some of their total emissions, creating the potential demand for over 200 million by 2020.
However a study conducted by the American Carbon Registry forecasts a significant shortfall in the supply of carbon credits, by as much as 29% between 2013 and 2014, and by as much as 67% between 2018 and 2020.
California electric utilities Pacific Gas & Electric and the Sacramento Municipal Utilities Department have issued Requests for Offers to buy carbon credits.
Shell also recently announced a deal for 500,000 carbon credits to cover the emissions of their California refinery operations.
According to a recent Thomson Reuters study, California carbon credits are projected to be valued between $7.50 and $17 during 2013 and 2014, between $20 and $30 during 2015 and 2017, and between $38 and $51 during 2018 and 2020.